Wrong Answers 2 Flashcards
Which if the following are not specifically excluded from the definition of an investment adviser under the Uniform Securities Act?
A person who, on a regular basis for compensation offers specific investment advice to clients as to the value of securities
In some instances, rather than use an investment banker to distribute its securities to the public, an issuer will hire a sales force or use its own employees to make the sales. The individuals involved in the selling in this state would not be defined as agents under the Uniform Securities Act if selling on behalf of which of the following issuers?
A savings institution organized and supervised under the laws of any state
Which of the following are not agents as defined in the USA?2
A broker dealer acting on behalf of a properly registered issuer
An individual Representing the US government in the sale of its securities
Harry has been Sam’s customer for 9 years. While Harry is in Europe, 2 limit orders fill resulting in a $750 margin call to Harry. Sam is unable to contact him. Sam deposits his personal check into Harry’s account so the account is not sold out for failure to satisfy margin requirements. When Harry returns from Europe, he gives Sam a check for the $750. In this situation the agent has acted
Unlawfully, because the agent’s funds must never be commingled with those of the client
Under the Uniform Securities Act, the term person would include 3
A political subdivision
An unincorporated association
An intervivos trust
An agent wishes to share commissions with an administrative assistant who provides many useful services. Under the NASAA Statement of Policy on Dishonest or Unethical Business Practices of Broker Dealer’s and Agents
This is permitted if the assistant is properly licensed
